UK house prices rise at slowest pace in 5 years

UK house prices are increasing at the slowest annual pace in five years, according to mortgage lender Halifax.

Prices gained 1.5% in the three months through October, the lowest rate since March 2013, Halifax said on Wednesday. On the month, prices gained 0.7%, just below the 0.8% expected by economists.

The report follows similar data from Nationwide last week that showed annual house-price growth dropped below 2% for the first time in five years.

The market is struggling, particularly in London, after decades of booming values left affordability stretched, and as Brexit adds uncertainty about the economic outlook.

The average UK home price is now £227 869, Halifax said.